Gastops receives ITB investment from Lockheed Martin

Ottawa, ON, Canada – June 1,2017

Gastops Ltd., announced today that Lockheed Martin (NYSE: LMT) has awarded the Ottawa-based company a significant Industrial and Technological Benefits (ITB) investment to design and develop new technologies to bolster its existing portable debris analysis product line.

The ITB contribution is an offset in direct support of the obligations associated with Canada’s purchase and In-Service Support (ISS) of 17 CC-130J Super Hercules aircraft, which were delivered to the Royal Canadian Air Force in 2010.

“We are very pleased to have received this substantial ITB investment from Lockheed Martin to continue the research and development of new products,” said Dave Muir, CEO of Gastops. “We are excited about Lockheed Martin’s confidence in Gastops to provide state-of-the art technology to support the CC-130J Super Hercules program.”

This new product will complement — and expand upon — Gastops’ successful family of sensors and debris analyzers, which include MetalSCAN, FilterCHECK and, most recently, ChipCHECK. It will give Gastops the ability to meet the growing needs of a much larger equipment health management market.

“This investment enables us to create the capability to detect and classify very fine oil constituents over a broad range of equipment types in a variety of markets,” said ChipCHECK product manager Ryan V. Millar. “It will empower our customers to complete the required analyses themselves — right at the source — while meeting the market’s need for connectivity.”

The ITB program gave Gastops the ability to bring this capability to market. The current version of ChipCHECK was developed with funds received from the Strategic Aerospace and Defence Initiative (SADI).

“Given Lockheed Martin’s strong presence in Ottawa, it gives me great pride to see this significant investment going to a local small business that is making a name for itself on the world stage,” said Charles Bouchard, chief executive of Lockheed Martin Canada. “We are delighted to see Lockheed Martin’s investments fueling innovative solutions and sustaining highly skilled, knowledge-based jobs for Canadians.”

This Gastops/Lockheed Martin Investment Framework Agreement will lay the foundation for the introduction of an innovative and highly cost effective new approach to health management for operators of aircraft and other high value equipment.

Please visit this link to learn more about Canada’s Investment Framework Agreement, which allows aerospace and defence organizations to support Canadian economic and technology development initiatives.

About Lockheed Martin

Headquartered in Bethesda, Maryland, Lockheed Martin (www.lockheedmartin.com) is a global security and aerospace company that employs approximately 97,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services.

About Gastops

Gastops (www.gastops.com) is recognized worldwide for its innovative contributions to the maintenance, productivity, and safety of critical equipment used in aviation, energy, marine, rail, and mining industries. We provide advanced equipment health sensing and analysis products, including on-line oil debris sensors, torque measurement sensors, turbine blade health sensors, and at-line oil analysis systems. We also provide a range of specialized technical and engineering services to assist in the design, development and in-service support of equipment control, monitoring and maintenance systems, based on our core competencies of systems analysis, modeling and simulation, software engineering, condition monitoring and equipment repair and overhaul.

Contacts:

Cindy Tessier
Lockheed Martin Canada
Head of Communications
Tel: (613) 762-5753 | cindy.tessier@lmco.com

Howard Miller
Manager of Communications
Gastops Ltd.
+1 613 744 3530

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